Homeownership has long been an integral part of the American dream, but younger generations, particularly millennials, are facing increasing challenges in their pursuit of homeownership, Wyoming News Now reports.
One of the key factors contributing to this difficulty is the growing trend of baby boomers, who currently hold the largest share of US homes, opting to remain in their properties rather than downsizing or moving to alternative living arrangements.
A 2024 survey by Redfin revealed that 78% of Americans aged 60 and older prefer to stay in their current homes, citing comfort, financial stability, and strong community ties as key reasons for their decision. This choice has resulted in a reduction of available housing inventory, creating heightened competition and rising home prices for first-time buyers.
Nationally, the share of homeowners aged 55 and older has been on the rise for the past 15 years. In 2008, this group owned 44.3% of all US homes. By 2023, this number had increased to 54.0%, reflecting the growing dominance of older Americans in the housing market. In contrast, homeownership rates among younger age groups have decreased. The share of homeowners under 35 has remained relatively stable, while those between 35 and 54 saw a notable decline from 42.3% in 2008 to 34.0% in 2023. This trend appears to be stabilizing, as the over-55 group’s share topped out at 54.2% in 2021 and slightly declined to 54.0% in 2023.
In Wyoming, baby boomers are similarly influential. As of the latest data, they own 37.9% of the state’s homes, while they make up 21.9% of the population. This percentage of ownership is notably higher than the national average, where 37.4% of homeowners are baby boomers. The total number of baby boomer-owned households in Wyoming is 67,120, with 10,171 renting homes. Wyoming’s median home price stands at $354,108, which is slightly lower than the national median of $359,099.
The concentration of baby boomer homeowners in Wyoming is also significant when compared to other states. Nationally, baby boomers dominate the housing market in states like Hawaii, Delaware, and Florida. In contrast, Central and Mountain states, including Wyoming, tend to have lower concentrations of older homeowners. This pattern reflects broader demographic trends, with regions like Wyoming experiencing slower population growth compared to younger states like Utah and Texas.
